Parade Technologies Reports Fourth Quarter and Fiscal 2015 Financial Results

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January 28, 2016 4:00 AM EST

Financial Highlights:

  • Q415 consolidated revenue US$67.65 million, compared with US$55.03 million in the year-ago quarter
  • Q415 consolidated net income US$9.12 million; Basic and Fully diluted after-tax EPS
    US$0.12 (NT$3.95) and US$0.12 (NT$3.89), respectively

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading video display and interface IC supplier, today announced financial results for the fourth fiscal quarter and fiscal year 2015 ended December 31, 2015, and provided guidance for the first quarter of fiscal year 2016.

Consolidated revenue was US$67.65 million and consolidated net income was US$9.12 million. Basic and fully diluted after-tax earnings per share (“EPS”) were US$0.12 (NT$3.95) and US$0.12 (NT$3.89), respectively. These results compared to consolidated revenue US$55.03 million and consolidated net income of US$10.01 million, or US$0.13 (NT$4.12) and US$0.13 (NT$4.04) per basic and fully diluted share, in the year-ago quarter.

In US dollars, the fourth quarter of 2015 consolidated revenue increased 11.23% sequentially and was up 22.92% year-over-year.

The gross profit in the fourth quarter of 2015 was US$27.07 million, representing an increase of 11.25% from the previous quarter and an increase of 21.42% compared to the same quarter of last year.

The Company also reported financial results for fiscal year 2015. Consolidated revenue was US$225.93 million, representing an increase of 10.00% from US$205.39 million in the prior year. Gross profit was US$91.16 million and operating income was US$38.11 million. Net income for fiscal year 2015 was US$36.03 million, or US$0.48 (NT$15.30) per basic share and US$0.47 (NT$15.00) per fully diluted share. These results compared with net income of US$40.47 million, or US$0.54 (NT$16.48) per basic share and US$0.53 (NT$16.15) per fully diluted share in the prior year.

Based on current business outlook, Parade is providing the following guidance for the first quarter of fiscal 2016:

  • Revenue: US$67 ~73 Million
  • Gross Margin: 40% ~43%
  • Operating Expense: US$16.5 ~17.5 Million

On November 10, 2015, Parade announced two new device families into the TrueTouch® touchscreen controllers product line acquired from Cypress Semiconductor in August, 2015. The new TT41X and TT42X capacitive touchscreen controller families leverage the TrueTouch® patent portfolio with Parade’s mix-signal design expertise to provide best-in-class performance and use case flexibility. Both TT41X and TT42X controllers offer passive stylus, gloved-finger, and multi-wet-finger tracking features. The TT41X controllers target premium tablets, and the TT42X targets smartphones with in-cell displays.

On December 1, 2015, Parade also announced new additions to its family of USB Type-C port configuration switch devices. The PS8750 and PS8751 are port configuration switches that include high-speed signal redriver circuitry and respectively integrate the USB PD (Power Delivery) Controller and Port Controller, providing integrated USB Type-C Power Delivery support. Both devices accommodate the USB3.1 Gen 1 data rate of 5Gbps, and DisplayPort Alt Mode at link rates up to 5.4Gbps(HBR2).

The financial figures detailed above for the fourth quarter of 2015 and for the year ended December 31, 2015 have not been audited or reviewed by independent accountants.

About Parade Technologies, Ltd.

Parade Technologies, Ltd. (GTSM: 4966) is a leading fabless supplier of mixed-signal ICs for a variety of popular display and high-speed interface standards used in computers, consumer electronics and display panels. Parade’s portfolio of IC products serves the growing demand for DisplayPort™, eDP™ (Embedded DisplayPort), HDMI™, USB Type-C™, SATA, and USB ICs for display, storage and interface applications.

Parade leverages its close relationships with market-leading Tier-1 OEMs to develop ICs that provide unique system capabilities. Many of the company’s devices integrate proprietary technologies that offer superior system signal integrity, advanced system integration and enhanced power efficiency. As a result of the company’s “Standards-plus” design philosophy, Parade ICs have been designed into products offered by nearly every leading computer and display vendor worldwide.

Parade Technologies, Ltd. and Subsidiaries.
                                 

The reader is advised that these consolidated financial statements have been prepared originally in NT$ and conformed with the adoption of IFRSs.  In the event of any differences between NT$ and US$ version, the NT$ version shall prevail.

 
 

UNAUDITED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME

 

USD in Thousands NTD in Thousands
Sequential Quarter Three Months ended Twelve Months ended Sequential Quarter Three Months ended Twelve Months ended
Dec 31, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Sept 30, Dec 31, Dec 31, Dec 31, Dec 31,
2015 2015 2015 2014 2015 2014 2015 2015 2015 2014 2015 2014
 
Revenue 67,650 60,818 67,650 55,034 225,927 205,392 2,206,742 1,944,347 2,206,742 1,697,242 7,189,471 6,225,291
Cost of goods sold 40,584 36,489 40,584 32,743 134,768 120,616 1,323,840 1,166,545 1,323,840 1,009,777 4,289,253 3,656,094
Gross profit 27,066 24,329 27,066 22,291 91,159 84,777 882,902 777,802 882,902 687,465 2,900,218 2,569,197
Research & development expenses 10,703 9,229 10,703 6,393 32,352 24,161 349,110 295,055 349,110 197,163 1,031,362 732,331
Sales & marketing expenses 4,099 3,671 4,099 2,884 12,578 9,857 133,706 117,362 133,706 88,923 400,942 298,916
General & administrative expenses 2,107 2,115 2,107 1,960 8,124 7,121 68,740 67,624 68,740 60,451 258,008 215,900
Total operating expenses 16,909 15,015 16,909 11,237 53,054 41,139 551,556 480,041 551,556 346,537 1,690,312 1,247,147
Operating income 10,157 9,314 10,157 11,054 38,105 43,637 331,346 297,761 331,346 340,928 1,209,906 1,322,050
Non-operating income and expenses 64 726 64 146 908 970 2,100 23,201 2,100 4,510 28,970 29,248
Income before income taxes 10,221 10,040 10,221 11,200 39,013 44,607 333,446 320,962 333,446 345,438 1,238,876 1,351,298
Income tax expense 1,102 1 1,102 1,194 2,980 4,141 35,980 27 35,980 36,833 94,530 125,555
Net income 9,119 10,039 9,119 10,006 36,033 40,466 297,466 320,935 297,466 308,605 1,144,346 1,225,743
EPS - Basic (In Dollar) $0.12 $0.13 $0.12 $0.13 $0.48 $0.54 $3.95 $4.28 $3.95 $4.12 $15.30 $16.48
Shares used in computing EPS-Basic (In thousands) 75,355 74,966 75,355 74,976 74,806 74,364 75,355 74,966 75,355 74,976 74,806 74,364
EPS - Diluted (In Dollar) $0.12 $0.13 $0.12 $0.13 $0.47 $0.53 $3.89 $4.22 $3.89 $4.04 $15.00 $16.15
Shares used in computing EPS-Diluted (In thousands) 76,511   76,124   76,511   76,299   76,297   75,883 76,511   76,124   76,511   76,299   76,297   75,883
       
UNAUDITED CONSOLIDATED BALANCE SHEETS USD in Thousands NTD in Thousands
As of December 31, 2015 and 2014 Dec 31,     Dec 31, Dec 31,     Dec 31,
2015 2014 2015   2014
Current assets
Cash & cash equivalents 87,961 145,353 2,887,751 4,600,434
Available-for-sale financial assets - current

-

1,086 - 34,365
Accounts receivable, net 38,162 34,275 1,252,871 1,084,808
Inventories, net 18,696 13,643 613,776 431,792
Other current assets

8,046

  6,142   264,159   194,387

Total current assets

152,865   200,499   5,018,557   6,345,786
Non-current assets
Property, plant and equipment, net 4,828 3,850 158,494 121,864
Intangible assets 91,062 197 2,989,576 6,228
Deferred income tax assets 1,185 123 38,893 3,880
Other non-current assets 1,103   1,502   36,223   47,551
Total non-current assets 98,178   5,672   3,223,186   179,522
Total Assets 251,043   206,171   8,241,743   6,525,309
 
Current Liabilities
Accounts payable 21,379 10,794 701,881 341,624
Other payables 12,101 11,129 397,268 352,228
Current income tax liabilities 12,536 9,213 411,561 291,588
Other current liabilities 8,218   3,739   269,787   118,364
Total current liabilities 54,234   34,875   1,780,497   1,103,804
Equity
Ordinary shares 25,070 24,871 760,751 754,604
Capital reserves 60,024 55,167 1,804,206 1,651,739
Retained earnings 120,702 96,886 3,663,574 2,897,927
Other equity (7,502 ) (5,628 ) 281,120 117,235
Treasury shares (1,485 ) -   (48,405 ) -
Total equity 196,809   171,296   6,461,246   5,421,505
Total liabilities and equity 251,043   206,171   8,241,743   6,525,309
       
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS USD in Thousands NTD in Thousands
For twelve months ended December 31, 2015 and 2014 Dec 31,     Dec 31, Dec 31,   Dec 31,
2015   2014   2015   2014  

Cash flows from operating activities

Income before income tax for the year 39,013 44,607 1,238,876 1,351,298
Depreciation and amortization 4,422 1,407 140,349 42,626
Loss on disposal of equipment 47 74 1,479 2,251
Share-based compensation cost 3,257 2,634 103,370 79,840
Interest income (54 ) (30 ) (1,718 ) (923 )
Income and expenses having no effect on cash flows 7,672   4,085   243,480   123,794  
Accounts receivable (3,887 ) 50 (127,619 ) 1,587
Inventories (5,053 ) (5,954 ) (165,886 ) (188,428 )
Other current assets (1,830 ) (3,443 ) (60,095 ) (108,959 )
Other non-current assets 583   583   19,137   18,449  
Net changes in assets relating to operating activities (10,187 ) (8,764 ) (334,463 ) (277,351 )
Accounts payable 10,585 (5,517 ) 347,521 (174,610 )
Other payables 885 2,608 29,167 82,545
Other current liabilities 4,478   1,364   147,011   43,176  
Net changes in liabilities relating to operating activities 15,948   (1,545 ) 523,699   (48,889 )
Cash provided by operations 52,446   38,383   1,671,592   1,148,852  
Interest received 59 32 1,857 958
Income taxes paid (787 ) (112 ) (24,967 ) (3,401 )
Net cash provided by operating activities 51,718   38,303   1,648,482   1,146,409  

Cash flows from investing activities

Decrease (increase) in available for sale financial assets - current 1,086 (7 ) 33,507 (207 )
Acquisition of equipment (2,391 ) (2,204 ) (75,898 ) (66,826 )
Acquisition of intangible assets (2,303 ) (26 ) (73,099 ) (776 )
Increases in refundable deposits (185 ) (27 ) (6,036 ) (842 )
Acquisition of business combinations (100,329 ) -   (3,168,405 ) -  
Net cash used in investing activities (104,122 ) (2,264 ) (3,289,931 ) (68,651 )

Cash flows from financing activities

Proceeds from exercise of employee stock options 411 1,251 13,051 37,908
Distribution of cash dividends (12,220 ) (7,143 ) (378,811 ) (210,727 )
Purchase of treasury shares (3,946 ) (1,374 ) (125,902 ) (41,920 )
Treasury shares reissued to employees 2,461 1,374 77,497 41,920
Cash dividend regain from canceled share-based compensation 3   3   92   99  
Net cash used in financing activities (13,291 ) (5,889 ) (414,073 ) (172,720 )
Effect of exchange rate changes on cash and cash equivalents 8,303 (835 ) 342,839 236,315

(Decrease) Increase in cash and cash equivalents

(57,392 ) 29,315 (1,712,683 ) 1,141,353
Cash and cash equivalents at beginning of year 145,353   116,038   4,600,434   3,459,081  
Cash and cash equivalents at end of year 87,961   145,353   2,887,751   4,600,434  

Parade Technologies
Investor Relations Contact:
Yo-Ming Chang, +886.2.2627.9109
[email protected]

Source: Parade Technologies, Ltd.


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